UK-listed MGC Pharma plummets on discounted placing

Argent BioPharma

11/04/2023 11:22

** London-listed shares of MGC Pharmaceuticals  MXCM.L 
 MXC.AX  plummet as much as 28% to 0.40p; among top pct losers
across London shares
    ** Company raises 1.2 mln pounds ($1.5 mln) via a placing of
274.4 mln new ordinary shares at 0.44p/share
    ** Placing price represents a discount of 21% on previous
close of 0.56p
    ** Co also enters into agreement for specialist clinical
trial funder Cantheon Capital to invest about £629,775 in MGC
for about 144.1 mln ordinary shares on same pricing terms
    ** If losses hold, stock set to post biggest intra-day pct
loss in more than eight months
    ** As of last close, stock down 4.3% YTD

($1 = 0.8042 pounds)